Shares of oil and gas companies were more or less flat after another report of falling stockpiles drove up oil futures. The U.S. Energy Information Administration reported that crude stockpiles dropped by 1.1 million barrels last week, the 10th consecutive week of declines.
Phil Flynn, senior market analyst at the Price Futures Group, said Treasury Secretary Steven Mnuchin's comments weighing on the dollar also supported oil prices.
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"This comes as global oil supplies are near the tightest levels we have seen since the global financial crisis, if you compare supply to daily global demand," said Mr. Flynn, in a note to clients. "The reason why shale can't keep up with demand is simple math."
The amount of oil being taken off the market by the Organization of the Petroleum Exporting Countries, Russia and Venezuela's economic crisis far exceeds the capacity of U.S. shale-oil producers, Mr. Flynn said.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
January 24, 2018 16:53 ET (21:53 GMT)